Good morning, Quartz readers!
Here’s what you need to know:
FTX founder Sam Bankman-Fried faces trial for alleged illegal use of customer funds
Today, in New York City, the founder of FTX, Sam Bankman-Fried, will go on trial. He must convince a jury that his failed cryptocurrency brokerage did not unlawfully take money from customers.
Tightening credit conditions may lead to weak economy
Due to the ongoing United Auto Workers strike, Ford and GM have laid off 500 factory workers. This labor dispute has raised concerns over the potential negative impact on the economy.
Tesla’s sales affected by factory downtime and softening demand
Tesla experienced a decline in sales due to factory downtime and a decrease in demand. While their vehicle deliveries in the third quarter increased by 27% compared to last year, it fell short of analyst expectations. Meanwhile, rival company Rivian exceeded projections for the same period.
US imposes first space debris fine
Dish Network has been fined $150,000 by the Federal Communications Commission for failing to de-orbit its EchoStar-7 satellite. This marks the first space debris fine in the United States.
Whoosh: Southeast Asia’s high-speed bullet train
Whoosh, also known as “Waktu Hemat, Operasi Optimal, Sistem Handal,” is Southeast Asia’s first bullet train connecting Jakarta to Bandung. With speeds of up to 217 mph (350 kph), the train reduces travel time from three hours to just 36 minutes. This project was made possible with funding from China, which has plans for similar high-speed rail projects on other continents.
Knitters challenge techno-feudalism
In 2022, two entrepreneurs acquired the domain Knitting.com with the goal of turning it into a million-dollar business. However, they underestimated the knitting community’s passion, leading to a backlash. This incident highlights the tension between technology and traditional communities, a phenomenon known as techno-feudalism.
Carnival cruises see increased popularity
Despite the challenges faced by the cruise industry during the pandemic, Carnival has experienced record-breaking revenue of $6.9 billion in its latest quarter. The company has attracted both seasoned cruisers and a 170% increase in first-time cruisers compared to last year.
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